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Demand — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsDemand2 Marks
Question
What is meant by Giffen goods ?
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Answer

  • Giffen goods are the inferior goods. E.g. jowar, bajar, etc.
  • The consumer buys these goods because of lower level income.
  • The decreases in price of Giffen goods decreases the demand for them.
  • The decreases in price of Giffen goods increase the real income of consumer will buy the high quality goods.
  • This concept was introduced by sir Robert Giffen and therefore these goods are known as Giffen goods.

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